This is what President Ronald Reagan said about what would happen if the debt ceiling were not raised in 1983:
“The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.”
The President wants a clean debt ceiling bill on his desk and it’s long past time for the Republicans to stop acting like economic terrorists and to give him what the country needs. And remember current day crazy Tea Party Republicans: Ronald Reagan agrees.